UFP Technologies, Inc. (NASDAQ: UFPT) shares dropped slightly in early morning trade Thursday. As the company announced the acquisition of Advant Medical Ltd. Founded in 1993 and headquartered in Galway, Ireland, with operations in Costa Rica and partner manufacturing in Mexico, Advant Medical is a developer and manufacturer of Class I, II, and III medical devices and packaging.
“We are pleased to be joining forces with Advant, our third major acquisition in six months,” said CEO R. Jeffrey Bailly.
“It’s an excellent cultural and strategic fit that increases our value to our growing medical customer base in several ways. Advant brings us medical product development and clean room manufacturing in Ireland, a key strategic geography to which we annually ship millions of dollars’ worth of product. It also adds in-house injection molding expertise to our list of capabilities.
“And it brings new customer relationships, product development opportunities, and a veteran team of professionals to UFP.”
Based in Newburyport, Mass., UFP Technologies is an innovative designer and custom manufacturer of components, subassemblies, products, and packaging primarily for the medical market. Utilizing highly specialized foams, films, and plastics, the company converts raw materials through laminating, molding, radio frequency welding, and fabricating techniques.
“We are diversified,” says Thursday’s news release, “by also providing highly engineered solutions to customers in the aerospace & defense, automotive, consumer, electronics, and industrial markets.”
UFTP shares dipped 64 cents, or 1.1%, $58.03.